Betfair’s Punters Guide. Easy betting with Betfair. Join now and enjoy betting at your comfort.
Welcome to Betfair Online Exchange. Bookmaker Betfair is the leading in the world of betting. It is the top licensed online betting exchange where the punter is in control of his stakes. Better offers and great choices are available than any other betting exchange.
We have simplified an easy to understand guide to direct you on how to join, odds available, betting offers history and how to start betting. It is user friendly to new punters and existing punters.
Chapter 1. Introduction To Betfair
Betfair is the leading online betting exchange company that has revolutionised the betting industry with millions of registered customers around the world.
It is an online marketing place that brings together different punters where they bet at odds set by other punters rather than a bookmaker or the tote. This means the odds on offer are often much higher than the traditional once as the punters can back or lay on outcomes of the events and they do to this against other punters.
Key Areas On The Home Page.
I. Search Markets
Enter the name or event you are interested in and you will get all the available markets will appear easily to get into your bet quickly.
II. All Markets or sports
Below the search markets there is a menu that has every Betfair market. The punter will click on the specific or interested market but you can go through all the Betfair markets before deciding on one. There is also fast links that appear in the middle of the homepage for the most popular and relevant markets e.g. rugby tournaments, football league i.e. Champions league and horse racing markets that gives you a direct link to the market.
III. Community and Help centre
It’s a segment that gives the punter a chance to chat to your fellow online Betfair punters regarding to their experience and other great information regarding betting. The site is most important to the new punters who interact, research and get an overview of what is happening and also check on various outcomes regarding to the history of early bets made in the market. Help centre is available and accessible anytime.
IV. My Account
It contains all the personal information of the punter which is personalized to each individual. Betting history and funding methods are also available here. The accounts are unique from fellow punters accounts for security and privacy purposes.
V. Login
On the top right you will enter your account details; your username and password to access your account which will be used often to log into your unique account whenever you want to online to bet. They are the same details which the punter used to sign up in creating the online Betfair betting account. Once logged in and funded your account, you can start betting.
VI. Popular links/ Recently visited markets
If you are a regular punter, defiantly you will see a list recently visited markets from the most latest and another list of the popular markets for quick and easy link. This is slightly below the log in link.
VII. In-Play Today
The day’s markets will be listed for you to make a bet on in-running or during the actual event. The punter clicks on the interested link market and you can bet in-running and in-play on sports over the phone by calling 132 238
VIII. Coming Up
This is on the bottom right that highlights all markets which are closing or being turned in-play.
Chapter 2. Opening An Account With Betfair
This is easy and quick as it needs your account details and with a deposit you will verify your details and start betting.
Below is a simplified guide on opening and activating your account;
1. Getting started
Go to www.betfair.com and click on open account which is at the top left of the first page.
2. Fill in your details
A new window will open and only your personal details are needed to fill like name, address and valid email. They include choosing your log in details and security questions to answer to enhance security to your account. You will choose your username and password for your Betfair account which you will be using subsequently in accessing your account.
3. Open your account and activating your account
On completing filling your details, you will agree to terms and conditions and privacy policy of Betfair online betting, you will click on open an account at the bottom of the page. A new screen will appear prompting you that your application has been successful and your account is now active. You will click continue at the bottom of the page to get to the next step.
4. Funding your Betfair account
Funding is necessary when you want to start betting. You will credit your account using the accepted payment methods by Betfair which are available in their website. When logged in your account you can go to deposit funds into Betfair or alternatively by going to payments.betfair.com.au/ Deposits can be made through direct bank transfer to Betfair NAB account, by Bpay, By Poll or by Credit Card being aware of the 1.5% fee charged for all credit card deposits. You will select the mode of payment and fill your relevant details especially if you are paying by Credit Card you will provide the correct card details and give your login password. A minimum of $30 should be deposited and finally click next at the bottom of the page.
5. Confirm your details
On the new screen you will be asked to confirm your card details and amount of money you wish to deposit to verify your transactions and click next at the bottom of the page. Your account will be created and you will automatically return to Betfair homepage to start betting as you are still logged in your account.
Chapter 3. Backing A Selection
Placing a bet on Betfair is backing a selection to win against fellow punters not bookie like it is at the TAB. You will have options and you will select the odds you want to bet at. In online Betfair the fixed odds betting applies to all Betfair markets that is contrary to the conventional bookmakers or TAB
How to back a selection
1. Search your market
At the left-hand side of the Betfair sports homepage, there are all betting markets listed in the menu and the most popular markets are in the middle of the page. Click on the market you want to bet on, and then follow the links appropriately to the relevant event. The middle page has the most current and popular sports.
2. Get your selection
The market you choose, its selection will appear like above with available selection options listed on the page to back or lay a bet. There is a blue column and pink columns. Backing a bet is on the blue column to the left that has several selections where the punter selects one box he is interested on. In the box, the bold number on top represents the best odds available and the bottom number in dollars shows the maximum amount of money or stakes that can be bet on that selection at that price at that particular point in time.
3. Select your selection and place your stake
Click on the blue box you are interested in, your bet appears on the right-hand side of the page in the place bets section. Click on your stake box in the place bets section and enter your betting stakes i.e. the amount of money you want to bet on this selection bearing in mind the maximum stakes for the selection and making sure your account has enough funds to bet. In case your selection is successful, the amount of money you will win appears on the profit section showing the amount less your stake.
4. Submit your bet
You will submit your bet if you are sure of your selection at the bottom of the right-hand side of the page. It is not definite that your selection will be successful and therefore the liability on the bet is listed above the submit button clearly
5. Confirm your bet
A confirmation screen appears on the right-hand side of the page with details of your bet selection. The page will be available when the bet is active and you will click yes at the bottom of the page. Check the confirmation to be sure your bet has been placed
Betting Example of backing a selection
In the third test of at the SCG, the punter will think the Aussies have a great chance of winning. The odds quoted by Betfair online are better compared to the local TAB at $1.44 to $1.30; hence, you will take the Betfair odds. Your stake is $100, Australia wins the third test, your return is $1.44, and you make a profit of $44 less the commission charged by Betfair plus your original stake of $100. The returns are higher compared if you had used the local TAB.
Chapter 4. Laying A Selection
This is betting that an outcome will not happen. It is simply taking the other side of backing a bet. In laying a bet, the amount you enter is the backer’s stake you are prepared to accept at those odds you choose and not the amount of money you are prepared to risk in the betting process.
How To Lay A Selection
1. Search your market
At the left-hand side of the Betfair sports homepage, there are all betting markets listed in the menu and the most popular markets are in the middle of the page. Click on the market you want to bet on, and then follow the links appropriately to the relevant event. The middle page has the most current and popular sports.
2. Get your selection
The market you choose, its selection will appear like above with available selection options listed on the page to back or lay a bet. Laying a bet is on the pink columns with boxes to the right that have several selections where the punter selects one box which he thinks will not win. In the box, the top numbers in bold represents the best odds available to lay the selection and at the bottom in the same box is the maximum amount of money you can lay at the odds
3. Select your selection
Click on the pink box to lay a selection that is the bet you are betting against which appears on the right-hand side of the page in the place bets section aligned to the backer’s odds.
4. Choose the backer’s stake
The punter will decide on the stake to accept on your selection from another punter. Click the backer’s stake box in the place bets section and enter the stake you want to accept in this box. The liability in this bet is the amount of money you will have to pay out if the selection wins and it will appear on the far right-hand side of the screen. In addition, you can specify your liability by clicking the liability button.
5. Submit your bet
Once you get satisfied with your bet selection, click submit button at the bottom of the right-hand side of the page awaiting confirmation of the selection details you have provided.
6. Confirm your bet
A confirmation screen will appear on the right side of the page with details of your bet showing how much you will win or lose depending on the outcome of the event. You will click yes at the bottom of the page and check the confirmation to make sure your bet has been placed.
Betting Example Of Laying A Selection
A punter wants to back the draw for the win at odds of $3.65 for $4038. You think the odds on the draw are too short so you decide to lay the draw for $100 at odds of $3.65. Your account is sufficient with ($265) to lay this bet. If you are right and the match does not end in a draw like Australia wins, you will collect the $100 stake from the punter who placed the bet at the odds you offered. If the match is a draw, then you must pay $265 from your account, which is the amount you will lose.
Chapter 5. Trading At Betfair
The punter can guarantee him possible profits before an event has taken place either start of the match or a race has been run. Prices often change on betfair such that by backing a selection at high odds then laying it at low odds guaranteeing a winning position at all levels. All you need is some small funds in your account to start you trading to make potential profits in the market.
Trading Example
In the Tennis Australia Open, you may back Rafael Nadal to win by investing$20 at $8 before the start of the tournament, if Nadal wins your profit is $140/ in the same tournament, Nadal makes a great start advancing to the quarterfinals, while the favourite Roger Federer is knocked out. This means the chance of Nadal winning the tournament are very high. Nadal’s odds on Betfair will shorten considerably and you can now back him at$2 to win the tournament.
Unmatched Bets
Bets can be matched later by another Betfair punter if the initial stake for betting were not matched completely. The punter requests a bet that will be matched by someone at the later stage in the same event.
Example if you want to put $100 on Roger Federer to win Wimbledon at $1.50 but there is only $40 available at this price. In this scenario, you get the first $40 matched and then get to the in front of the queue for the next $60. If a fellow punter decides to lay Roger Federer at this price, then your bet will be matched. If the bet never get matched as in other cases, then your $60 stake will be returned to your account. You can also cancel unmatched bets anytime in your account by checking their status. In your account, you will click on my Bets on the right side of the screen where you are looking for a market and cancel them.
Commission
Betfair commission varies from a low of five percent to a high of eight percent, depending on the market. Sport is at a commission rate of five percent and racing varies from five to eight percent. Losses in a market are not subjected to any commission. Betfair has incentive schemes to his customers by receiving discounts rates that are off the market base rate. The more you bet, the greater your discounts rates and hence the lower the commission liable.
Calculating the commission a punter pays in a market, you will start by reducing the market base rate by your discount rate earned.
Chapter 6. The Markets At Betfair
Betting is a daily event and Betfair has over 7000 markets for punters. The major markets for punters are in sports like horseracing, cricket, Aussle Rules, Rugby league, A-League and tennis. In addition, there are other numerous markets on offer and not in sports world. Below are some of the markets for a full list of betting online.
Sports Markets
We got several sports in the world, think of any you like and you will find a chance to bet on it with Betfair. The majority of Betfair markets are sports market from the most popular horseracing and tennis to most obscure sports. The different spots market are alphabetically listed in the all markets menu.
Political Markets
You can bet on a number of political markets in the world with Betfair. Click on politics in the all markets menu to see every available market in different countries before and after they hold elections to check on your outcome. Example is the 2012 United States of America Presidential elections.
Financial Markets
Betfair has many financial markets for the punter you can bet on. All you can do is click on financial bets in the all markets menu to see the full range of markets among them being on interest rates and FTSE.
Special Markets
This consists of one off events, special events, reality TV shows. These are range of markets that are seasonal, annual or bi-annual and followed by punters who bet on them as most them are competitions. Some of events are dancing competitions, will there be a white Christmas or not and reality shows like housemates.
Customize your markets
Punters have specific markets they bet always, to save time you can select your favourite markets and go straight to them whenever you visit Betfair online site. Punters do not try every market in the Betfair market, hence below is how you select your favourite markets;
1. Click on my markets on the left-hand side of the homepage and a new screen will appear with a list of all available markets and events that you may think of ready for you to place a bet.
2. Click on the blue arrow to the right of the markets you want to customize so that you can select your favourites, which you regularly bet. The selected markets will automatically appear in the my markets column on the right hand side of the page.
3. You can decide the order of the markets you have selected by moving them up or down using the arrow keys at the bottom of the page. Also you can remove the or delete the market from my markets by clicking on it and then click delete at the bottom of the page.
4. Once you are satisfied with your selection, click save at the bottom of the page and your favourite markets now appear in the menu whenever you log in and bet on either you are interested on.
Chapter 7. In Play Betting At Betfair
Unpredictability of a sport the punter rarely expects of the outcome that are truly unbelievable. These are the moments on Betfair, where the odds fluctuate widely and punters experience incredible wins unexpectedly. Over the years, Betfair has experienced such wins i.e.
• Eight mad minutes of Australia’s opening match of the 2006 world cup in Germany was memorable for Socceroos’ fans and Betfair punters.
• Come back Kings was the most incredible comeback in cricket history after Australians beat South Africa’s to score a world record 4-434 in a one day international at Johannesburg.
• Back from dead in the 2005 champions league final between Liverpool and AC Milan appeared to be all but over at half time after the Italians were ahead by 3-0 lead. Odds of $100 were available on Betfair on the match being drawn at full time and a few confident punters snapped them up. Remarkably Liverpool hit back with three second half goals to tie the game at 3-3 after 90 minutes before winning on post match penalties.
In-play betting via Telephone betting
Betting online is governed by the Australian laws, therefore according to the Australian law; in-play betting can be conducted on racing online but cannot be conducted online on sports. In-play betting on sport can be conducted over the telephone and it can be cancelled online.
In addition, you cannot update the bet online and as well change odds or stakes size. You can only cancel the bet. In all sports, market there is a minimum delay of five seconds for in-play betting which allow punters to cancel unmatched orders on the system when there is a change in market conditions.
The delay benefits the customers when backing and laying, where the operator will inform the punter to allow five seconds for bet processing due to the game in-playing. The operator will then confirm the status of the bet to the punter.
Chapter 8. Meaning Of Terms Used At Betfair
Below are the basic terms used in Betfair online betting before the punters start betting;
Bet
This is where you risk money on predicting the outcome of an event, where two people or parties with opposing opinions on the outcome of an event making a bet to happen online.
Odds
This is the likelihood of an outcome occurring or a selection winning. The odds are expressed in decimal figures which is normally on top and in bold. The selection with the lowest odds is considered the most likely to win and as the odds gets higher each outcome is considered likely to happen.
Stake
This is the money you bet on an outcome occurring and if the outcome you predict does not happen, then the stake is the amount of money you lose.
Matched Bets/Unmatched Bets
Matched bets mean the bet is on. An unmatched bet means the bet has not been taken by another punter, you do not need to place the bet again. Once another punter accepts your bet, it become matched.
Return
The return is the total sum of money that is paid to the punter when you correctly predict an outcome of an event. In getting the return, you multiply the odds by the stakes.
Profit
The total amount of money you win after correctly predicting an outcome. Profit is arrived by subtracting the stake from the return.
Liability
Liability is the amount of money you stand to lose if your prediction is contrary to the happening of the outcome.
Back
When predicting an outcome and your selection wins, is backing a selection to win. This reflects to receiving of the returns.
Lay
This is simply taking the other side of a back bet. When laying a bet you are staking money that an outcome will not happen.
Telbet
It is the Betfair’s telephone betting service.
Helpdesk
This is the point you seek assistance and help of any aspect from the day you think to join, to signing and even in any process or stage of betting. It helps punters to get clear understanding and direction to answer the unknown or be educated. The helpdesk number is 1300 238 324.
My account
Once you create an account and log in, my account section can be found at the top left of any Betfair page. It contains all the customer personal information as well as betting history and all funding and withdrawal methods plus any trend of events since my account was created.
AUS/UK Wallet
The introduction of “wallets,” in Betfair allows the punter to put money in separate pools that he can use to bet on either Australian or non-Australian markets. To bet in an Australian market you must have sufficient funds in your Australian wallet to cover your maximum stakes or liability. A transfer between wallets can be done by going into my account and click on ‘Transfer funds.” The Australian flag symbol in the rules tab identifies the Australian markets.
TAN
Telephone account Number, is necessary for telephone betting. It is located in the profile section of my account and when placing a bet through telbet you will need to give the number.
Market base rate (MBR)
Every market has MBR and it is the starting point for calculating any commission you pay. The MBR can be found in the rules tab on the right-hand side of any market.
Commission
This is the amount charged by Betfair on the net winnings made by the punter. If you lose, you pay no commission. Betfair commission varies from a low of five percent to a high of eight percent, depending on the market. Sport is at a commission rate of five percent and racing varies from five to eight percent.
Discount rate
Discount rate is issued to all Betfair customers and it is determined to the number of Betfair points you earn. The more you use Betfair, the more points you earn and the greater discount rate you entitled.
Chapter 9. Responsible Gambling At Betfair
Responsible wagering is the basis of clean gambling that Betfair is committed to promote awareness of problem gambling. Betfair has a gambling policy set to minimize negative effects of problem gambling and to promote responsible gambling practices.
Preventing underage gambling
Anyone under the age of 18 years old is not allowed to participate in gambling with Betfair, hence illegal. Betfair takes its responsibilities in determining punters eligibility in terms of age before they start gambling. Age verification is done to all customers and restricts activities on accounts until Betfair is fully satisfied that the punter is above 18 years old of age.
Below is a clear warning on Betfair policies regarding underage gambling.
“PLEASE NOTE THAT ANYONE UNDER THE AGE OF 18 FOUND TO BE USING BETFAIR WILL HAVE ANY WINNINGS FORTFIED/ VOIDED AND MAY ALSO BE REPORTED TO THE POLICE”
On the other hand, the Betfair website pages are ICRA (Internet Content Rating Association) which gives recognition as a gambling provider by filtering software. Filtering solutions allow parents to regulate their children access to the internet.
Some of the parental filtering solutions available include, www.netnanny.com and www.cyberpatrol.com
Player protection
This is the assurance to players or customers of Betfair of responsible gambling. This is achieved in a number of ways;
Financial limits: Allows a punter to restrict his spending amount in the form of deposit, loss and transfer limits. Any increase in limit a seven-day wait period is applicable and any decreases made to limits are applicable immediately. Choose the amounts required and the frequency applicable via Betfair’s online website.
Self-exclusion:
A punter may want to take a break from gambling, the self-exclusion is acceptable either from all Betfair products or from specific products whichever is applicable to the customer. This is simply set via Betfair’s online website or can be applied with assistance by Betfair’s helpdesk. This means that your account will remain closed for a minimum period of six months and will not be reactivated in any manner during that period. A written request after the six months has elapsed is required before re-opening is considered.
Responsible gambling links
Australia being the host of the gambling, Australian national or anybody within Australia you can call 1800 858 858 which is a gambling helpline for problem gamblers and their families who could be able to speak to someone locally.
Gamble Aware; Provides information about responsible gambling, a self-assessment questionnaire and time/money management planning tools.
GamCare; It is the leading authority providing counselling, advice and really helps in regarding the social impact of gambling in the UK. You can visit their website: www.gamcare.org.uk or their confidential helpline: 0 845 6000 133.
Gambling therapy; To anyone adversely affected by gambling, support and counselling can be offered and the members of the gambling Therapy team operate from locations within UK and internationally. Their site is www.gamblingtherapy.org
Gamblers Anonymous; This is a fellowship of men and women who have come together to do something about their own gambling problems and help other punters to do the same. They are identified through different regions around the world and their service site is www.gamblersanonymous.org
Chapter 10. Further Notes about Betfair
Safe and Secure:
Online Betfair is safe, secure and confidential site. You never know who you are betting against and your personal details are needed when creating an account only.
All the information is stored on Betfair’s secure server and all the user’s funds are held by a secure, ring-fenced trust at the national Australia Bank in Hobart.
Verification of your identity and withdrawal of funds:
Withdrawals cannot be processed and you cannot transfer more than $500 AUD or an equivalent in the currency on your account per month to your Australian wallet until your identity has been verified. Once you have opened your account you will receive an email with receive an email with a Betfair verification form, which you must fill and take to any Australia post office or Authorized Betfair verification agent, together with the identification documents listed in the form within 90 days. Verification takes place within 24hours and is free of charge.
If your account has not been verified within 90days, it will be suspended until identification process is complete. If you fail to do this within 12 months of registration, your funds will be forwarded to the Tasmanian state Government in Australia. Also once your account has been identity checked and for over 24 months period you have not placed a bet, logged in, made a deposit or withdrawal, place a telephone bet, or placed a bet using your Australian wallet, Betfair will send any funds in your Australian wallet to the department of Treasury and Finance in Tasmania as Unclaimed monies in accordance with the Unclaimed moneys act 1918.
You will then have to contact the treasury in order to recover these funds.
Maximum Loss:
You will never lose more money than you have in your account, but be aware the amount you lay is not the maximum amount you can lose. In taking precautions against this, it is possible for the punter to set a maximum amount of money to risk in a designated time period.
Betfair contributes to Australian Racing: Wagering operators should pay for the product they bet on that is racing and sporting. Betfair as well pays taxes and product fees to its home state Tasmania and to all states who have imposed race fields’ legislation.
Betfair Bonus:
When betting on the exchange, you will be matched at the best odds on offer at the time on a first come, first served basis. For backing this, will mean you are matched at the highest available price and for laying, you will be matched at the lowest price.
However, you can ask for better odds than the ones offered by Betfair members when backing a selection. You will enter your stake and click on the arrows on the your odds box to request the odds you want and see if anyone is prepared to take you on. My bets tab on the right hand side of the screen will indicate if the bets are matched or unmatched.
If your bets remain unmatched, you still have the ability to edit the price or stake on a selection.
